How Much Does a New Apartment Cost?
Want to live in a new apartment? With help from Apartment Data Services’ Bruce McClenny, we found out what you’ll need to plunk down each month. The Inner Loop, which PMRG hopes to capture in 2929 Weslayan, is pre-leasing now for December first move-ins. All you’ll need to join the resident roster is about $4,977 per unit. (Rents range from $2,364 to $14,000.) Pictured, property manager Misty Meredith showed off the view from the 40th floor.
Montrose has made a name for itself as one of the most active development submarkets in the country. The average one-bedroom resident is spending $1,632 a month, which is right where rents start at the Morgan Group’s new Pearl Midtown. (Pictured, CEO Mike Morgan.) The Sovereign at Regent Square will cost you a bit more, running anywhere from $1,750 to $3,395 a month. Down the road, the Galleria arguably started the cycle the most prepped for Millennial living, and new development is dramatically driving rents. The average one-bedroom apartment there is $1,267/month, but a unit at the new Broadstone Post Oak could cost you $2,675.
In Downtown, the new up-and-coming residential market, SkyHouse Houston starts at $1,765. Pictured, developer Novare Group prez Jim Borders. It’s got a ways to go to catch up with the father of Downtown living, One Park Place—living there starts at $2,335 for a basic one-bedroom unit, and two bedrooms could take up to $13,630 from your monthly check.
And of course, we can’t overlook our most booming suburb. The Woodlands might be all the buzz, but its multifamily developments are still at a nice discount to the Inner Loop. The Alexan Auburn Lakes—shown off here by PPI co-CEOs Barb Gaffen and Michael Zaransky, who developed the property with TCR—averages $1,225 for a one-bedroom unit. Broadstone Sierra Pines will run you a little more, up to $1,594/month. Apartment Data Services prez Bruce McClenny says researchers are having to create a new Spring submarket now; the area never had properties before, and they don’t fit in with the high-dollar Woodlands communities.